Callaway Golf Stock Jumps in Wake of Nike Golf News
Nike Golf's surprising announcement Wednesday afternoon that it will exit the club-making business prompts the question: who or what will be reap the benefits of Nike’s absence?
Right now, Callaway is. As of Thursday morning, Callaway's stock had risen 6.5%, before regressing to near 4% Thursday afternoon. Elsewhere, Keating, which owns Cobra-Puma, declined insubstantially. Under Armour? Barely. Its stock has nudged upward by a mere 0.15 percent. As for Titleist? The Acushnet owned company has been pursuing an IPO offering since June.
Curiously, Nike stock did not falter, wavering near it’s opening value throughout most of the day.